When a consumer traveling abroad makes a purchase with a credit card at a local merchant, the issuer of the credit card converts the amount of the transaction from a local currency into the currency of consumer's account. The foreign exchange rate used to convert the transaction is negotiated by the issuer of the credit card. This foreign exchange rate can be different than the foreign exchange rate currently available at a local bank. The consumer using the credit card in the foreign country does not necessarily know what foreign exchange rate will apply to the transaction until they receive their credit card statement.
Similarly, a consumer making a purchase out of state or in a foreign country may not know what taxes and other fees apply to a transaction before they go to complete the transaction. For example, a consumer making an online purchase may not know where the merchant is located and may not know what taxes could apply until after they enter their credit card information to complete the transaction. In some cases, taxes and fees can be an unexpectedly burdensome.
Embodiments of this disclosure address these and other problems.